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Walmart U.S. Q2 comp sales grew 5.2%; 14.5% two-year stack; Comp transactions strong at 6.1%

Walmart U.S. Q2 comp sales grew 5.2%; 14.5% two-year stack; Comp transactions strong at 6.1%

Q2 FY22 GAAP EPS of $1.52; Adjusted EPS of $1.78

Company raises outlook for second consecutive quarter

Expecting FY22 Walmart U.S. comp sales of 5% to 6% and Global eCommerce sales of $75 billion

BENTONVILLE, Ark.–(BUSINESS WIRE)–
Walmart Inc. (NYSE: WMT):

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210817005505/en/

Second-quarter highlights:

  • Total revenue was $141.0 billion, up 2.4%, negatively affected by approximately $8.9 billion related to divestitures. Excluding currency, total revenue would have increased 0.6% to $138.6 billion.
  • Walmart U.S. grew market share in grocery. Comp transactions were strong at 6.1%, led by stores.
  • Walmart U.S. operating income increased 20.4%. Adjusted operating income increased 12.0%.
  • Walmart U.S. eCommerce sales grew 6% and 103% on a two-year stack.
  • Strong growth in advertising businesses globally, including nearly doubling sales in Walmart U.S. versus last year.
  • Sam’s Club comp sales increased 7.7%, and eCommerce sales grew 27%. Membership income increased 12.2% with member count reaching an all-time high.
  • Walmart International net sales were $23.0 billion, a decrease of $4.1 billion, or 15.2%, negatively affected by $8.9 billion related to divestitures. Changes in currency exchange rates positively affected net sales by approximately $2.4 billion.
  • Consolidated gross profit rate decreased 15 basis points; Walmart U.S. increased 20 basis points. Consolidated operating expenses as a percentage of net sales declined 81 basis points; adjusted declined 47 basis points.
  • Consolidated operating income was $7.4 billion, an increase of 21.4%, with strength across the company. Consolidated operating income as a percentage of net sales increased 83 basis points; adjusted increased 50 basis points.
  • Repurchased $5.2 billion in shares year to date, representing around 25% of the $20 billion authorization announced earlier this year.

The company will hold a live conference call with the Investment Community at 7 a.m. CDT on Tuesday, August 17, 2021, to discuss the company’s second quarter earnings results for fiscal year 2022. The event will be webcast live and accessible by logging onto https://corporate.walmart.com/newsroom/financial-events and selecting the Second Quarter Earnings Release event.

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, approximately 220 million customers and members visit approximately 10,500 stores and clubs under 48 banners in 24 countries and eCommerce websites. With fiscal year 2021 revenue of $559 billion, Walmart employs over 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart and on Twitter at twitter.com/walmart.

Investor Relations Contacts

Dan Binder, CFA

Vice President, Investor Relations

479-277-0485

Kary Brunner

Sr. Director II, Investor Relations

479-381-9268

Media Relations Contact

Randy Hargrove

Sr. Director, Global Communications

800-331-0085

KEYWORDS: United States North America Arkansas

INDUSTRY KEYWORDS: Online Retail Discount/Variety Retail Department Stores Supermarket

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Taysha Gene Therapies to Host Key Opinion Leader Webinar on TSHA-118 for the Treatment of CLN1 Disease

Taysha Gene Therapies to Host Key Opinion Leader Webinar on TSHA-118 for the Treatment of CLN1 Disease

Virtual event on Monday, August 30, 2021, at 10:00 a.m. ET will provide an overview of CLN1 disease, discuss natural history, the TSHA-118 program and clinical development strategy

DALLAS–(BUSINESS WIRE)–
Taysha Gene Therapies, Inc. (Nasdaq: TSHA), a patient-centric, pivotal-stage gene therapy company focused on developing and commercializing AAV-based gene therapies for the treatment of monogenic diseases of the central nervous system (CNS) in both rare and large patient populations, today announced it will host a virtual key opinion leader (KOL) webinar on TSHA-118 for the treatment of CLN1 disease on Monday, August 30, 2021, from 10:00 a.m. to 12:30 p.m. ET.

The event will feature a presentation from key opinion leader Angela Schulz, M.D., Ph.D., University Medical Center Hamburg-Eppendorf, who will provide an overview of CLN1 disease, a severe, neurodegenerative lysosomal storage disease with no approved treatment, and discuss the natural history of the disease.

Topics of discussion will also include the patient and caregiver perspective on the burden of disease, preclinical pharmacology and toxicology data for TSHA-118, and the clinical development strategy for the TSHA-118 program. A question and answer session will follow each formal presentation.

The event will feature presentations from:

  • Sharon King, President of Taylor’s Tale, who will discuss the burden of disease and provide a patient and caregiver perspective
  • Steven Gray, Ph.D., Associate Professor in the Department of Pediatrics at UT Southwestern and Chief Scientific Advisor at Taysha, who will review the preclinical and pharmacology data for TSHA-118 for the treatment of CLN1 disease
  • Suyash Prasad, MBBS, M.Sc., MRCP, MRCPCH, FFPM, CMO and Head of R&D of Taysha, who will discuss the clinical development strategy for TSHA-118

Registration for this event is available through LifeSci Events. A live video webcast will be available in the “Events & Media” section of the Taysha corporate website. An archived version of the event will be available on the website for 60 days.

About Taysha Gene Therapies

Taysha Gene Therapies (Nasdaq: TSHA) is on a mission to eradicate monogenic CNS disease. With a singular focus on developing curative medicines, we aim to rapidly translate our treatments from bench to bedside. We have combined our team’s proven experience in gene therapy drug development and commercialization with the world-class UT Southwestern Gene Therapy Program to build an extensive, AAV gene therapy pipeline focused on both rare and large-market indications. Together, we leverage our fully integrated platform—an engine for potential new cures—with a goal of dramatically improving patients’ lives. More information is available at www.tayshagtx.com.

Company Contact:

Kimberly Lee, D.O.

SVP, Corporate Communications and Investor Relations

Taysha Gene Therapies

[email protected]

Media Contact:

Carolyn Hawley

Canale Communications

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Health Genetics General Health Clinical Trials Research Science Pharmaceutical

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Cybin Files 14th Patent Application Further Strengthening its IP Portfolio and Receives a Favorable Patent Claim Opinion

Cybin Files 14th Patent Application Further Strengthening its IP Portfolio and Receives a Favorable Patent Claim Opinion

TORONTO–(BUSINESS WIRE)–Cybin Inc. (NEO:CYBN) (NYSE AMERICAN:CYBN) (“Cybin” or the “Company”), a biotechnology company focused on progressing psychedelic therapeutics, today announced that it has filed a new non-provisional patent application in support of its ongoing drug candidate programs.

After what the company believes to be a favorable international search report of its May 2021 Patent Cooperation Treaty (“PCT”) application, the Company has filed a US non-provisional patent application claiming priority to the May 2021 PCT application.

The International Patent Searching authority has provided a written opinion supporting novelty, inventive steps and industrial applicability to multiple claims within Cybin’s patent filing. The Patent filing includes claims to compositions and methods to support certain elements of the company’s pre-clinical and research programs.

“Cybin’s portfolio now consists of 14 patent filings, 50+ proprietary molecules, 50+ pre-clinical studies, 4 active drug programs targeting major depressive disorder, alcohol use disorder, anxiety and therapy resistant psychiatric disorders. We continue to progress our IP portfolio across novel molecules, delivery mechanisms, processes and protocols as we continue to find new and novel discoveries through our pre-clinical findings thus expanding and strengthening IP,” stated Doug Drysdale, Chief Executive Officer.

About Cybin

Cybin is a leading biotechnology company focused on progressing psychedelic therapeutics by utilizing proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for psychiatric disorders.

Cautionary Notes and Forward-Looking Statements

Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding enhanced liquidity, the value of additional capital markets exposure, access to institutional and retail investors, the Company’s new strategic brand messaging campaign, and psychedelic drug development programs to potentially treat mental health disorders. There are numerous risks and uncertainties that could cause actual results and Cybin’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

Cybin makes no medical, treatment or health benefit claims about Cybin’s proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocybin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds or nutraceutical products. The efficacy of such products have not been confirmed by approved research. There is no assurance that the use of psilocybin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds or nutraceuticals can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. Cybin has not conducted clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy and safety of potential products do not imply that Cybin verified such in clinical trials or that Cybin will complete such trials. If Cybin cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Cybin’s performance and operations.

The NEO Exchange has neither approved nor disapproved the contents of this news release and is not responsible for the adequacy and accuracy of the contents herein.

Investor Contacts:

Tim Regan/Scott Eckstein

KCSA Strategic Communications

[email protected]

Lisa M. Wilson

In-Site Communications, Inc.

[email protected]

Media Contact:

John Kanakis

Cybin Inc.

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Biotechnology Alternative Medicine Health Other Health

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monday.com Announces Second Quarter 2021 Results

monday.com Announces Second Quarter 2021 Results

Second quarter revenue growth accelerated to 94% year over year

Net-dollar-retention rate for customers with 10+ users was over 125%

Introduces strong Q3 and fiscal year guidance

Announced monday workdocs, a new capability that turns documents into actionable workflows

NEW YORK & TEL AVIV, Israel–(BUSINESS WIRE)–monday.com (NASDAQ: MNDY), a work operating system (Work OS) where organizations of any size can create the tools and processes they need to manage every aspect of their work, today reported financial results for the second quarter of 2021 ended June 30, 2021.

Management Commentary:

“We delivered strong results in our first quarter as a public company, as strong execution and expanding adoption of monday.com Work OS drove total revenue growth of 94%. We are pleased with the momentum in our business that demonstrates continued high growth at scale,” said monday.com founder and co-CEO, Roy Mann. “monday.com Work OS is the leader in the low-code no-code market, and our business is accelerating as we continue to expand platform usage into use cases such as operations, project management, CRM, finance, marketing, HR, and IT,” said monday.com founder and co-CEO, Eran Zinman.

“Rapid growth in the second quarter was driven by large expansions within our existing base and strong growth upmarket as we continue to see momentum in Enterprise,” said Eliran Glazer, monday.com CFO. “While we have made tremendous progress in the last few years, we believe that we are still in the very early stages of our growth as a company, and our guidance for the balance of 2021 suggests a strong second half of the year as we continue to drive fundamental improvements to the future of work and collaboration for companies of all sizes globally.”

Second Quarter Fiscal 2021 Financial Highlights:

  • Revenue was $70.6 million, an increase of 94% year-over-year.
  • GAAP operating loss was $27.5 million compared to a loss of $28.2 million, in the second quarter of 2020; GAAP operating margin was negative 39%, compared to negative 77% in the second quarter of 2020.
  • Non-GAAP operating loss was $9.9 million compared to a loss of $14.9 million, in the second quarter of 2020; non-GAAP operating margin was negative 14% compared to negative 41%, in the second quarter of 2020.
  • GAAP net loss per basic and diluted share was $1.67 compared to GAAP net loss per basic and diluted share of $2.79, in the second quarter of 2020; non-GAAP net loss per basic and diluted share was $0.26 compared to non-GAAP net loss per basic and diluted share of $0.39, in the second quarter of 2020.
  • Net cash used in operating activities was negative $0.4 million, with negative adjusted free cash flow of $1.5 million, compared to negative net cash used in operating activities of $13.9 million and $15.0 million of negative adjusted free cash flow, in the second quarter of 2020.
  • Cash, cash equivalents, short-term deposits and restricted cash was $878.0 million as of June 30, 2021, including $21 million from borrowings under our revolving credit facility, and net proceeds from our IPO and concurrent private placement of $736.2 million.

Recent Business Highlights:

  • Our net dollar retention rate for customers with more than 10 users was over 125%.
  • The number of paid enterprise customers with more than $50,000 in annual recurring revenue was 470, up 226% from 144, in the second quarter of 2020.
  • Announced monday workdocs, a completely new capability to monday.com Work OS, which enables organizations to take document collaboration to new levels. Documents are the starting point for work and monday workdocs is a completely new style of connected documents that are built to support collaboration, with live objects that update in real time whenever their source of data changes. The introduction of monday workdocs is a significant opportunity to provide our customers with new ways to create no-code, low-code software and expand how monday.com is adopted across organizations of all sizes.
  • Announced the official launch of the free tier of monday.com, limited to two users. The free offering is designed to increase our market opportunity by driving awareness and broader adoption among a new set of audiences.
  • Notable new customer wins or expansions during the quarter included Headspace, Wellington-Altus Private Wealth, Mintel, and Adyen.
  • New strategic alliances with Global Systems Integrators across key industries such as manufacturing and real estate including Hitachi Solutions and NTT-Data.
  • Continued international and geographic expansion with new channel partners, customer deals, and increasing our ARR in this region. Added Polish as a new supported language, increasing our total languages supported to 14 languages.

Financial Outlook:

For the third quarter of the fiscal year 2021, monday.com currently expects:

  • Total revenue of $74 to $75 million, representing year-over-year growth of 74% to 76%.
  • Non-GAAP operating loss of $26 million to $25 million.

For the full year 2021, monday.com currently expects:

  • Total revenue of $280 million to $282 million, representing year-over-year growth of 74% to 75%.
  • Non-GAAP operating loss of $93 million to $91 million and negative operating margin of between 33% and 32%.

Non-GAAP Financial Measures:

This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing expenses, non-GAAP research and development expenses, non-GAAP general and administrative expenses, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss, non-GAAP net loss per share and adjusted free cash flow. Certain of these non-GAAP financial measures exclude share-based compensation.

monday.com believes that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to monday.com’s financial condition and results of operations. monday.com management uses these non-GAAP measures to compare monday.com performance to that of prior periods for trend analysis and for budgeting and planning purposes. monday.com believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing monday.com financial results to the results of other software companies, many of which present similar non-GAAP financial measures to investors. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.

Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in monday.com financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures.

Reconciliation tables of the most directly comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release. monday.com urges investors to review these reconciliation tables and not to rely on any single financial measure to evaluate the monday.com business. Management is not able to forecast GAAPnet loss attributable to ordinary shareholders on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting share-based compensation expense, the amounts of which may be significant in future periods.

Definitions of Key Performance Indicators:

Annual Recurring Revenue (“ARR”)

Is defined to mean, as of the measurement date, the annualized value of our customer subscription plans assuming that any contract that expires during the next 12 months is renewed on its existing terms.

Net Dollar Retention Rate

We calculate Net Dollar Retention Rate as of a period end by starting with the ARR from customers as of the 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these customers as of the current period end (“Current Period ARR”). The calculation of Current Period ARR includes any upsells, contraction and attrition. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the net dollar expansion rate. For the trailing 12-month calculation, we take a weighted average of this calculation of our quarterly Net Dollar Retention Rate for the four quarters ending with the most recent quarter.

Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “outlook,” “guidance,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond monday.com control. monday.com actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to our ability to predict our revenue and evaluate our business and future prospects; our ability to manage our growth effectively execute our business plan or maintain high levels of service and customer satisfaction; our ability to achieve and maintain profitability and compete effectively with established companies and new market entrants in a competitive and rapidly changing market; interruptions or performance problems associated with the technology or infrastructure underlying our platform; real or perceived errors, failures, vulnerabilities, or bugs in our Work OS; our ability to attract customers, grow our retention rates, expand usage within organizations and sell subscription plans; our ability to offer high-quality customer support; our ability to effectively develop and expand our direct sales capabilities; our ability to enhance our reputation and market awareness of our Work OS; actions by governments to restrict access to our platform in their countries; our ability to identify and integrate future acquisitions, strategic investments, partnerships or alliances; our ability to attract and retain highly skilled employees; our ability to raise additional capital or generate cash flows necessary to expand our operations and invest in new technologies; the market and software categories in which we participate; our ability to ensure that our Work OS interoperates with a variety of software applications that are developed by third parties; the success of our strategic relationships with third parties; privacy, data and cybersecurity incidents or any actual or perceived failure by monday.com to comply with privacy, data protection, information security, consumer privacy, data residency, or telecommunications laws, regulations, government access requests, and obligations; intellectual property disputes; changes in foreign exchange rates; general political or destabilizing events, including war, conflict or acts of terrorism and other factors described in “Risk Factors” in our prospectus for the initial public offering of our ordinary shares filed with the SEC on June, 11, 2021 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. Further information on potential risks that could affect actual results will be included in the subsequent filings that monday.com makes with the Securities and Exchange Commission from time to time.

Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent monday.com views as of the date of this press release. monday.com anticipates that subsequent events and developments will cause its views to change. monday.com undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These forward-looking statements should not be relied upon as representing monday.com views as of any date subsequent to the date of this press release.

Earnings Webcast:

monday.com will hold a public webcast at 8:30 a.m. ET today to discuss the results for its second quarter of 2021 and financial outlook. A link to the live webcast of the conference call, will be made available on monday.com’s investor relations website at https://ir.monday.com/events/event-details/mondaycom-q2-fiscal-2021-earnings-conference-call. The live call may also be accessed by dialing (877) 311-0436 within the U.S., and (470) 495-9349 internationally. The conference ID is 2478416. The webcast replay and audio download will also be available on our Investor Relations website.

Investor Presentation Details:

An investor presentation providing additional information can be found at http://ir.monday.com.

About monday.com:

monday.com Work OS is an open platform that democratizes the power of software so organizations can easily build software applications and work management tools to fit their every need. The platform intuitively connects people to processes and systems, empowering teams to excel in every aspect of their work. monday.com has teams in Tel Aviv, New York, San Francisco, Miami, Chicago, London, Kiev, and Sydney. The platform is fully customizable to suit any business vertical and is currently used by over 127,000 customers across over 200 industries in more than 190 countries.

Visit us on our LinkedIn, Twitter, Instagram and Facebook.

For more about monday.com please visit our Press Room.

MONDAY.COM LTD

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except share and per share data; Unaudited)
 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

Revenue

$

70,615

 

$

36,460

 

$

129,587

 

$

68,389

 

Cost of revenue

 

9,108

 

 

4,883

 

 

17,032

 

 

9,474

 

Gross profit

 

61,507

 

 

31,577

 

 

112,555

 

 

58,915

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

16,271

 

 

12,781

 

 

31,852

 

 

19,432

 

Sales and marketing

 

61,057

 

 

39,636

 

 

124,105

 

 

76,581

 

General and administrative

 

11,648

 

 

7,351

 

 

21,914

 

 

11,096

 

Total operating expenses

 

88,976

 

 

59,768

 

 

177,871

 

 

107,109

 

Operating loss

 

(27,469

)

 

(28,191

)

 

(65,316

)

 

(48,194

)

Financial income (expense), net

 

(359

)

 

141

 

 

(765

)

 

490

 

Loss before income taxes

 

(27,828

)

 

(28,050

)

 

(66,081

)

 

(47,704

)

Income tax expense

 

(1,063

)

 

(350

)

 

(1,762

)

 

(559

)

Net loss

$

(28,891

)

$

(28,400

)

$

(67,843

)

$

(48,263

)

Deemed dividend to preferred shareholders

 

(3,589

)

 

(4,665

)

 

(8,203

)

 

(9,331

)

Net loss attributable to ordinary shareholders

$

(32,480

)

$

(33,065

)

$

(76,046

)

$

(57,594

)

 

 

 

 

 

 

 

 

 

Net loss per share attributable to ordinary shareholders’, basic and diluted

$

(1.67

)

$

(2.79

)

$

(4.78

)

$

(4.88

)

Weighted-average ordinary shares used in calculating net loss per ordinary share, basic and diluted

 

19,417,672

 

 

11,836,484

 

 

15,924,392

 

 

11,807,296

 

MONDAY.COM LTD

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except share and per share data; Unaudited)
 

 

 

June 30

 

 

December 31

 

 

2021

 

 

2020

ASSETS

 

 

 

 

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

$

865,328

 

$

129,814

 

Short term deposits

 

10,051

 

 

10,000

 

Accounts receivable, net

 

4,364

 

 

3,911

 

Prepaid expenses and other current assets

 

6,901

 

 

3,898

 

Total current assets

 

886,644

 

 

147,623

 

Property and equipment, net

 

13,905

 

 

7,178

 

Other long-term assets

 

2,100

 

 

2,619

 

Total assets

$

902,649

 

$

157,420

 

LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ (DEFICIT) EQUITY

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Accounts payable

$

25,325

 

$

25,734

 

Accrued expenses and other current liabilities

 

34,529

 

 

22,967

 

Deferred revenue

 

101,923

 

 

70,719

 

Revolving credit facility

 

21,035

 

 

21,016

 

Total current liabilities

 

182,812

 

 

140,436

 

OTHER LONG-TERM LIABILITIES

 

1,244

 

 

1,045

 

Total liabilities

 

184,056

 

 

141,481

 

CONVERTIBLE PREFERRED SHARES

 

—

 

 

233,496

 

SHAREHOLDERS’ (DEFICIT) EQUITY:

 

 

 

 

Share capital and additional paid-in capital

 

1,102,802

 

 

98,809

 

Accumulated deficit

 

(384,209

)

 

(316,366

)

Total shareholders’ deficit

 

718,593

 

 

(217,557

)

Total liabilities, convertible preferred shares, and shareholders’ deficit

$

902,649

 

$

157,420

 

MONDAY.COM LTD

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands; Unaudited)
 

 

 

Three months ended

 

 

Six months ended

 

 

June 30,

 

 

June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net loss

$

(28,891

)

$

(28,400

)

$

(67,843

)

$

(48,263

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

527

 

 

441

 

 

1,074

 

 

787

 

Capital loss from sale of property and equipment

 

2

 

 

—

 

 

47

 

 

—

 

Share-based compensation

 

17,558

 

 

13,301

 

 

32,098

 

 

16,527

 

Change in accrued interest on revolving credit facility

 

(2

)

 

(12

)

 

19

 

 

(18

)

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

533

 

 

(2,636

)

 

(453

)

 

(2,306

)

Prepaid expenses and other assets

 

(429

)

 

(214

)

 

(2,058

)

 

(2,125

)

Accounts payable

 

(4,972

)

 

(1,416

)

 

(1,003

)

 

2,289

 

Accrued expenses and other liabilities

 

1,099

 

 

2,743

 

 

5,961

 

 

3,569

 

Deferred revenue

 

14,220

 

 

2,343

 

 

31,204

 

 

10,557

 

Net cash used in operating activities

 

(355

)

 

(13,850

)

 

(954

)

 

(18,983

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

(1,358

)

 

(1,032

)

 

(5,581

)

 

(2,174

)

Capitalized software development costs

 

(718

)

 

(250

)

 

(1,158

)

 

(359

)

Proceeds from sale of property and equipment

 

—

 

 

—

 

 

21

 

 

—

 

Changes in short-term deposits

 

(51

)

 

—

 

 

(51

)

 

—

 

Net cash used in investing activities

 

(2,127

)

 

(1,282

)

 

(6,769

)

 

(2,533

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from initial public offering and concurrent private placement, net of underwriting discounts and other issuance costs

 

736,227

 

 

—

 

 

736,020

 

 

—

 

Proceeds from exercise of share options

 

1,300

 

 

187

 

 

1,843

 

 

247

 

Receipt of revolving credit facility, net of payments

 

—

 

 

1,000

 

 

—

 

 

3,000

 

Receipt of tax advance relating to exercises of share options

 

6,023

 

 

—

 

 

6,023

 

 

—

 

Capital lease payments

 

(21

)

 

(18

)

 

(49

)

 

(36

)

Net cash provided by financing activities

 

743,529

 

 

1,169

 

 

743,837

 

 

3,211

 

 

 

 

 

 

 

 

 

 

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

741,047

 

 

(13,963

)

 

736,114

 

 

(18,305

)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH – Beginning of period

 

126,881

 

 

167,658

 

 

131,814

 

 

172,000

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH – End of period

$

867,928

 

$

153,695

 

$

867,928

 

$

153,695

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEET:

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

865,328

 

$

151,695

 

$

865,328

 

$

151,695

 

Restricted cash – Included in prepaid expense and other current assets

 

600

 

 

—

 

 

600

 

 

—

 

Restricted cash – Included in other long-term assets

 

2,000

 

 

2,000

 

 

2,000

 

 

2,000

 

Total cash, cash equivalents, and restricted cash

$

867,928

 

$

153,695

 

$

867,928

 

$

153,695

 

MONDAY.COM LTD

Reconciliation of GAAP to Non-GAAP Financial Information
 

 

 

Three months ended

 

 

Six months ended

June 30,

 

 

June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

Reconciliation of gross profit and gross margin

 

 

 

 

 

 

 

 

GAAP gross profit

$

61,507

 

$

31,577

 

$

112,555

 

$

58,915

 

Share-based compensation

 

1,833

 

 

603

 

 

3,364

 

 

902

 

Non-GAAP gross profit

 

63,340

 

 

32,180

 

 

115,919

 

 

59,817

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

87

%

 

87

%

 

87

%

 

86

%

Non-GAAP gross margin

 

90

%

 

88

%

 

89

%

 

87

%

 

 

 

 

 

 

 

 

 

Reconciliation of operating expenses

 

 

 

 

 

 

 

 

GAAP research and development

$

16,271

 

$

12,781

 

$

31,852

 

$

19,432

 

Share-based compensation

 

(5,068

)

 

(5,594

)

 

(9,605

)

 

(6,619

)

Non-GAAP research and development

$

11,203

 

$

7,187

 

$

22,247

 

$

12,813

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing

$

61,057

 

$

39,636

 

$

124,105

 

$

76,581

 

Share-based compensation

 

(5,536

)

 

(2,706

)

 

(9,570

)

 

(3,757

)

Non-GAAP sales and marketing

$

55,521

 

$

36,930

 

$

114,535

 

$

72,824

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

$

11,648

 

$

7,351

 

$

21,914

 

$

11,096

 

Share-based compensation

 

(5,121

)

 

(4,398

)

 

(9,559

)

 

(5,249

)

Non-GAAP general and administrative

$

6,527

 

$

2,953

 

$

12,355

 

$

5,847

 

 

 

 

 

 

 

 

 

 

Reconciliation of operating loss

 

 

 

 

 

 

 

 

GAAP operating loss

$

(27,469

)

$

(28,191

)

$

(65,316

)

$

(48,194

)

Share-based compensation

$

17,558

 

$

13,301

 

$

32,098

 

$

16,527

 

Non-GAAP operating loss

$

(9,911

)

$

(14,890

)

$

(33,218

)

$

(31,667

)

GAAP operating margin

 

(39

%)

 

(77

%)

 

(50

%)

 

(70 %)

Non-GAAP operating margin

 

(14

%)

 

(41

%)

 

(26

%)

 

(46 %)

 

 

 

 

 

 

 

 

 

Reconciliation of net loss

 

 

 

 

 

 

 

 

GAAP net loss

$

(28,891

)

$

(28,400

)

$

(67,843

)

$

(48,263

)

Share-based compensation

 

17,558

 

 

13,301

 

 

32,098

 

 

16,527

 

Non-GAAP net loss

$

(11,333

)

$

(15,099

)

$

(35,745

)

$

(31,736

)

 

 

 

 

 

 

 

 

 

Reconciliation of net loss attributable to ordinary shareholders

 

 

 

 

 

 

 

 

GAAP net loss attributable to ordinary shareholders

$

(32,480

)

$

(33,065

)

$

(76,046

)

$

(57,594

)

Deemed dividend to preferred shareholders

 

3,589

 

 

4,665

 

 

8,203

 

 

9,331

 

Share-based compensation

 

17,558

 

 

13,301

 

 

32,098

 

 

16,527

 

Non-GAAP net loss

$

(11,333

)

$

(15,099

)

$

(35,745

)

$

(31,736

)

 

 

 

 

 

 

 

 

 

GAAP net loss per share attributable to ordinary shareholders’, basic and diluted

$

(1.67

)

$

(2.79

)

$

(4.78

)

$

(4.88

)

Non-GAAP net loss per share, basic and diluted

$

(0.26

)

$

(0.39

)

$

(0.81

)

$

(0.83

)

 

 

 

 

 

 

 

 

 

Reconciliation of basic and diluted weighted average number of shares outstanding

 

 

 

 

 

 

 

 

Weighted average number of ordinary shares outstanding used in computing basic and diluted net loss per share (GAAP)

 

19,417,672

 

 

11,836,484

 

 

15,924,392

 

 

11,807,296

 

Additional shares giving effect to IPO and concurrent private placement (1)

 

3,946,810

 

 

—

 

 

4,489,262

 

 

—

 

Additional shares giving effect to conversion of convertible preferred shares at the beginning of the period (2)

 

20,629,197

 

 

26,440,239

 

 

23,518,666

 

 

26,440,239

 

Weighted average number of ordinary shares outstanding used in computing basic and diluted net loss per share (Non-GAAP)

 

43,993,679

 

 

38,276,723

 

 

43,932,320

 

 

38,247,535

 

(1)

Assumes ordinary shares outstanding after accounting for the issuance of 5,037,742 ordinary shares associated with our initial public offering and concurrent private placement at the beginning of the first quarter of 2021 instead of the IPO closing date, June 10, 2021.

(2)

Assumes ordinary shares outstanding after accounting for the automatic conversion of the preferred shares then outstanding into ordinary shares at the beginning of fiscal year.

Reconciliation of net cash provided by operating activities to adjusted free cash flow

 

 

 

 

 

 

Three months ended

 

 

Six months ended

June 30,

 

 

June 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

$

(355

)

$

(13,850

)

$

(954

)

$

(18,983

)

Purchase of property and equipment

 

(1,358

)

 

(1,032

)

 

(5,581

)

 

(2,174

)

Capitalized software development costs

 

(718

)

 

(250

)

 

(1,158

)

 

(359

)

Purchase of property and equipment related to build-out of our new corporate headquarters

 

951

 

 

100

 

 

4,618

 

 

525

 

Adjusted free cash flow

 

(1,480

)

 

(15,032

)

 

(3,075

)

 

(20,991

)

 

 

 

 

 

 

 

 

 

 

Media Relations:

Or Elmaliah

[email protected]

Investor Relations:

Alex Wellins

The Blueshirt Group, for monday.com

[email protected]

KEYWORDS: United States North America Israel Middle East New York

INDUSTRY KEYWORDS: Internet Data Management Other Technology Technology Software

MEDIA:

Posted on

Bright HealthCare Expands Affordable Plans in 42 New Markets Next Year Including in Texas, Georgia, Utah and Virginia

 Bright HealthCare Expands Affordable Plans in 42 New Markets Next Year Including in Texas, Georgia, Utah and Virginia

  •  New states include Texas, which has the third largest IFP population, significantly expanding Bright HealthCare’s total addressable market.
  • The company also announced an expanded product portfolio in states where it already does business, including Florida, California, Colorado and North Carolina.
  • Bright HealthCare will be the first plan in six years to be added to Covered California, California’s state-based exchange.

MINNEAPOLIS–(BUSINESS WIRE)–
Today, Bright HealthCare, the healthcare financing and distribution business of Bright Health Group (NYSE: BHG or the “Company”), announced its expansion into several new states for 2022. It also expanded its product portfolio in states where it already does business. The planned growth brings Bright HealthCare’s overall footprint to 17 states and 131 markets nationwide next year reaching over 16.5 million eligible consumers.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210817005366/en/

Map represents states covered and is not meant to represent actual coverage areas, which are county- and in some cases zip-code specific. All coverage areas are subject to benefit plan approval by the Centers for Medicare & Medicaid Services (CMS) and/or final state regulatory approval, including requisite state insurance or HMO licensure approvals. (Graphic: Business Wire)

Map represents states covered and is not meant to represent actual coverage areas, which are county- and in some cases zip-code specific. All coverage areas are subject to benefit plan approval by the Centers for Medicare & Medicaid Services (CMS) and/or final state regulatory approval, including requisite state insurance or HMO licensure approvals. (Graphic: Business Wire)

“Across nearly every one of our products and markets consumers are choosing Bright HealthCare. This shows that our integrated Care Partner model works.” said Simeon Schindelman, CEO, Bright HealthCare. “Our continued growth in expansion states like Texas, as well as existing states like California and Florida is further proof that our transformative model is not only meeting demand, but more importantly, lowering healthcare costs and improving quality for consumers while also building durable, trusting two-way relationships between consumers and primary care providers.”

Bright HealthCare offers health plans that serve consumers across their entire life journey, including individual and family, Medicare Advantage and employer-sponsored plans. These products are built around Integrated Systems of Care in each market and leverage Bright Health Group’s proprietary DocSquad™ technology which together have consistently shown to produce better outcomes.

“Bright Health Group is the nation’s first fully aligned, technology-enabled, integrated model of care,” said G. Mike Mikan, Bright Health Group President and CEO. “Our differentiated model is built on alignment between providers, payors and consumers and is working together to make healthcare simple, personal, and affordable.”

ABOUT BRIGHT HEALTHCARE

Bright HealthCare is a diversified healthcare financing and distribution platform that aggregates and delivers healthcare benefits to over 623,000 consumers through its various lines of business, which include Individual & Family Health Plans, Medicare Advantage Plans and Employer Plans. Bright HealthCare also participates in a number of specialized plans and is the nation’s third largest provider of Chronic Condition Special Needs Plans (C-SNPs), a health plan that exclusively serves individuals with severe or disabling chronic conditions. To manage these complex and vulnerable populations, Bright HealthCare leverages its intelligent operating system and proprietary DocSquad™ solutions which has consistently shown to produce better outcomes. Bright HealthCare is part of Bright Health Group (NYSE: BHG). For more information, visit www.brighthealthcare.com.

ABOUT BRIGHT HEALTH GROUP

Bright Health Group is built upon the belief that by aligning the best local resources in healthcare delivery with the financing of care we can drive a superior consumer experience, optimize clinical outcomes, reduce systemic waste, and lower costs. We are a healthcare company building a national Integrated System of Care in close partnership with our Care Partners. Our differentiated approach is built on alignment, focused on the consumer, and powered by technology. We have two market facing businesses: NeueHealth and Bright HealthCare. Through NeueHealth, we deliver high-quality virtual and in-person clinical care to nearly 170,000 patients under value-based contracts through our 44 owned primary care clinics and support 87 additional affiliated clinics. Through Bright HealthCare, we offer Commercial and Medicare health plan products to approximately 663,000 consumers in 14 states and 99 markets as of June 30, 2021. For 2022, all coverage areas are subject to benefit plan approval by the Centers for Medicare & Medicaid Services (CMS) and/or final state regulatory approval, including requisite state insurance or HMO licensure approvals. We are making healthcare right. Together. For more information, visit www.brighthealthgroup.com.

Investor Contact:

[email protected]

Media Contact:

Kris Patrow

651.492.1556

[email protected]

KEYWORDS: United States North America Minnesota

INDUSTRY KEYWORDS: General Health Professional Services Health Insurance

MEDIA:

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Map represents states covered and is not meant to represent actual coverage areas, which are county- and in some cases zip-code specific. All coverage areas are subject to benefit plan approval by the Centers for Medicare & Medicaid Services (CMS) and/or final state regulatory approval, including requisite state insurance or HMO licensure approvals. (Graphic: Business Wire)
Posted on

Day One Appoints Scott Garland to Board of Directors

SOUTH SAN FRANCISCO, Calif., Aug. 17, 2021 (GLOBE NEWSWIRE) — Day One Biopharmaceuticals (Nasdaq: DAWN), a clinical-stage biopharmaceutical company dedicated to developing and commercializing targeted therapies for patients of all ages with genomically defined cancers, today announced the appointment of Scott Garland to the Company’s board of directors. Mr. Garland is a 30-year veteran of the biopharmaceutical industry with deep commercial and executive leadership experience.

“We are very pleased to welcome Scott to our board of directors at this important stage in Day One’s evolution,” said Jeremy Bender, Ph.D., chief executive officer of Day One. “Having led the launch of multiple new medicines, Scott’s commercial expertise will be invaluable as we advance our pivotal Phase 2 FIREFLY-1 clinical trial of DAY101 in pediatric patients with progressive low-grade glioma and prepare to initiate additional clinical trials.”

Mr. Garland is the chief executive officer of PACT Pharma, an immuno-oncology company focused on developing neoantigen targeted T-cell therapies for solid tumors. Prior to PACT, Mr. Garland served as president and chief executive officer of Portola Pharmaceuticals, where he led the company through the commercial launch of Andexxa® and a successful acquisition by Alexion. Before joining Portola, Mr. Garland was at Relypsa, where he served as chief commercial officer, and then as president of the U.S. organization after Relypsa’s acquisition by Vifor Pharma. Prior to Relypsa, Mr. Garland was chief commercial officer at Exelixis where he led the launch of cabozantinib. Mr. Garland has held numerous other commercial leadership roles at Genentech, Amgen and Merck, including leading the commercial franchises for two multi-billion dollar therapies – Avastin® and Rituxan®. He also serves as a board member for Calithera Biosciences. Mr. Garland received a Bachelor of Science degree from California Polytechnic State University-San Luis Obispo and a master’s degree in Business Administration from the Fuqua School of Business at Duke University.

“I am proud to join Day One’s board of directors and share in the Company’s mission of advancing promising new targeted cancer therapies for children and patients of all ages,” said Mr. Garland. “Day One’s product pipeline, led by DAY101, holds great potential for patients and I look forward to working with the Company’s talented board and management team to help prepare for potential commercialization.”

About DAY101

DAY101 is an investigational, oral, brain-penetrant, highly-selective type II pan-RAF kinase inhibitor designed to target a key enzyme in the MAPK signaling pathway. Studies have shown DAY101 has high brain distribution and exposure in comparison to other MAPK pathway inhibitors, thus potentially benefiting patients with primary brain tumors or brain metastases of solid tumors. DAY101 is a type II RAF inhibitor found to selectively inhibit both monomeric and dimeric RAF kinase, which may broaden its potential clinical application to treat an array of RAF-altered tumors.

DAY101 has been studied in over 250 patients, and as a monotherapy demonstrated good tolerability and encouraging anti-tumor activity in pediatric and adult populations with specific MAPK pathway-alterations. In November 2020, Day One announced preliminary results from PNOC014, an ongoing Phase 1 Pacific Pediatric Neuro-Oncology Consortium (PNOC) network study with DAY101 sponsored by the Dana-Farber Cancer Institute. Preliminary results demonstrated that of the eight relapsed pediatric low-grade glioma (pLGG) patients in the study with RAF fusions, two patients achieved a complete response by Response Assessment for Neuro-Oncology (RANO), three had a partial response, two achieved prolonged stable disease, and one experienced progressive disease. DAY101 also demonstrated a tolerable safety profile with the most common side effects being skin rash and hair color changes.

DAY101 has been granted Breakthrough Therapy designation by the U.S. Food and Drug Administration (FDA) for the treatment of patients with pLGG harboring an activating RAF alteration who require systemic therapy and who have either progressed following prior treatment or who have no satisfactory alternative treatment options. The FDA has also granted Rare Pediatric Disease Designation to DAY101 for the treatment of low-grade gliomas harboring an activating RAF alteration that disproportionately affects children. In addition, DAY101 has received Orphan Drug designation from the FDA for the treatment of malignant glioma and orphan designation from the European Commission for the treatment of glioma.

Day One is conducting a pivotal Phase 2 trial (FIREFLY-1) of DAY101 in pediatric, adolescent and young adult patients with pLGG. Day One also plans to study DAY101 alone or in combination with other agents that target key signaling nodes in the MAPK pathway, such as the Company’s MEK inhibitor pimasertib, in patient populations where various RAS and RAF alterations are believed to play an important role in driving disease.

About Day One Biopharmaceuticals

Day One Biopharmaceuticals is a clinical-stage biopharmaceutical company dedicated to developing and commercializing targeted therapies for patients of all ages with genomically defined cancers. Day One was founded to address a critical unmet need: children with cancer are being left behind in a cancer drug development revolution. Our name was inspired by the “The Day One Talk”1 that physicians have with patients and their families about an initial cancer diagnosis and treatment plan. We aim to re-envision cancer drug development and redefine what’s possible for all people living with cancer—regardless of age—starting from Day One.

Day One partners with leading clinical oncologists, families, and scientists to identify, acquire, and develop important emerging cancer treatments. The Company’s lead product candidate, DAY101, is an oral, highly-selective type II pan-RAF kinase inhibitor, and is being evaluated in a pivotal Phase 2 clinical trial (FIREFLY-1) in pediatric, adolescent and young adult patients with recurrent or progressive low-grade glioma (pLGG). The Company’s pipeline also includes the investigational agent pimasertib, a clinical-stage, oral, small molecule found to selectively inhibit mitogen-activated protein kinase kinases 1 and 2 (MEK). Through Day One and its collaborators, cancer drug development comes of age. Day One is based in South San Francisco. For more information, please visit www.dayonebio.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to: Day One’s plans to develop cancer therapies, expectations from current clinical trials, the execution of the Phase 2 clinical trial for DAY101 as designed, any expectations about safety, efficacy, timing and ability to complete clinical trials and to obtain regulatory approvals for DAY101 and other candidates in development, and the ability of DAY101 to treat pLGG or related indications.

Statements including words such as “believe,” “plan,” “continue,” “expect,” “will,” “develop,” “signal,” “potential,” or “ongoing” and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements.

Forward-looking statements are subject to risks and uncertainties that may cause Day One’s actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties in this press release and other risks set forth in our filings with the Securities and Exchange Commission, including Day One’s ability to develop, obtain regulatory approval for or commercialize any product candidate, Day One’s ability to protect intellectual property, the potential impact of the COVID-19 pandemic and the sufficiency of Day One’s cash, cash equivalents and investments to fund its operations. These forward-looking statements speak only as of the date hereof and Day One specifically disclaims any obligation to update these forward-looking statements or reasons why actual results might differ, whether as a result of new information, future events or otherwise, except as required by law.

1Jennifer W. Mack and Holcombe E. Grier; Journal of Clinical Oncology 2004 22:3, 563-566

Contacts:

Media:
1AB
Dan Budwick
[email protected]

Investors:
LifeSci Advisors
Hans Vitzthum
[email protected]



Posted on

Plymouth Industrial REIT Closes $500 Million Unsecured Credit Facilities

Plymouth Industrial REIT Closes $500 Million Unsecured Credit Facilities

Amendments to existing credit facility, new term loan and accordion feature bring total borrowing capacity to $1 billion

BOSTON–(BUSINESS WIRE)–
Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced that it has entered into a combined $500 million unsecured credit facility, which is comprised of an amended $200 million revolving credit facility, an amended $100 million term loan, and a new $200 million term loan, providing expanded borrowing capacity and greater capital structure flexibility with lower borrowing costs and extended maturities.

The combined unsecured credit facilities have an accordion feature enabling the Company to increase the total borrowing capacity under the credit facilities up to an aggregate of $1 billion, subject to certain conditions. The amended revolving credit facility matures in August 2025 and has two, six-month extension options, subject to certain conditions, the amended $100 million term loan matures in August 2026, and the new $200 million term loan matures in February 2027. Amounts outstanding under the revolving facility bear interest at LIBOR plus a margin between 135 to 190 basis points with no LIBOR floor (previously set at 145 to 200 basis points with a LIBOR floor of 30 basis points) and amounts outstanding under the term facilities bear interest at LIBOR plus a margin between 130 and 185 basis points, in either case depending on the Company’s leverage.

Jeff Witherell, Chairman and Chief Executive Officer of Plymouth Industrial REIT, noted, “With the support and commitment from our expanded bank group, we have continued to match the scale of our growing platform with unsecured borrowing capacity at lower rates and well-laddered maturities. This credit facility provides us with significant flexibility and efficiency within our capital structure to fund our growth.”

KeyBanc Capital Markets and CapOne National Association, as Joint Lead Arrangers, arranged the new $200 million term loan. Syndicate lenders included BMO Harris Bank N.A, JPMorgan Chase Bank, Truist Bank and Huntington National Bank. KeyBanc Capital Markets arranged the amended revolving facility and amended term loan. Syndicate lenders included Barclays Bank PLC, CapOne National association JPMorgan Chase Bank, and BMO Harris Bank N.A. KeyBank National Association serves as administrative agent for the credit facility.

About Plymouth

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a real estate investment trust focused on the acquisition, ownership and management of single and multi-tenant industrial properties, including distribution centers, warehouses, light industrial and small bay industrial properties, located in primary and secondary markets within the main industrial, distribution and logistics corridors of the United States.

Forward-Looking Statements

This press release includes “forward-looking statements” that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding management’s plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statement, many of which may be beyond our control, including, without limitation, those factors described under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Tripp Sullivan

SCR Partners

(615) 942-7077

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property REIT

MEDIA:

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Posted on

Builders FirstSource Completes Acquisition of WTS Paradigm, LLC

DALLAS, Aug. 17, 2021 (GLOBE NEWSWIRE) — Builders FirstSource, Inc. (Nasdaq: BLDR) (“Builders FirstSource” or the “Company”), today announced that it has closed on its previously announced acquisition of WTS Paradigm, LLC (“Paradigm”), a software solutions and services provider for the building products industry. Paradigm, which will operate as an independent business of Builders FirstSource, provides the Company with a digital platform to advance its strategy to deliver technology solutions that help its customers build more efficiently.

“We are excited to welcome Paradigm’s employees into the Builders FirstSource family and enhance our digital capabilities,” said Dave Flitman, President and CEO of Builders FirstSource. “Paradigm’s unmatched technology will help us provide our customers with solutions that address many of the inefficiencies throughout the home building process and reduce costs along the way. Furthermore, our acquisition of Paradigm puts us in a strong position to capitalize on the significant market opportunity in digital, which we anticipate will lead to $1 billion of incremental sales over the next five years.”

Paradigm specializes in software development and consulting services that help manufacturers, retailers and homebuilders in the building products industry boost sales, reduce costs and become more efficient. Paradigm offers its customers a simplified process for configuring, estimating and manufacturing complex products with many options, such as windows and doors. Builders FirstSource plans to continue to invest in the core Paradigm Omni™ configuration technology, which also powers a newer product: Paradigm Omni™ for Homebuilders, a virtual design technology that reduces friction and improves efficiency.

About Builders FirstSource

Headquartered in Dallas, Texas, Builders FirstSource is the largest U.S. supplier of building products, prefabricated components and value-added services to the professional market segment for new residential construction and repair and remodeling. We provide customers an integrated homebuilding solution, offering manufacturing, supply, delivery and installation of a full range of structural and related building products. We operate in 39 states with approximately 550 locations and service customers in 84 of the top 100 Metropolitan Statistical Areas, providing geographic diversity and balanced end market exposure. We service customers from strategically located distribution and manufacturing facilities (certain of which are co-located) that produce value-added products such as roof and floor trusses, wall panels, stairs, vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes dimensional lumber and lumber sheet goods, millwork, windows, interior and exterior doors, and other building products. For more information about Builders FirstSource, visit the Company’s website at www.bldr.com.

About Paradigm

Paradigm was founded in 1999 in Wisconsin and has over 250 customers with over 70,000 end users. The company employs over 300 people globally. Paradigm is transforming the way that residential construction business is done across the country. Paradigm’s technology platform is the largest of its kind in the world, serving customers in both new construction and renovation markets by increasing sales and operational efficiencies. For more information about Paradigm, visit the Company’s website at www.myparadigm.com.

Forward-Looking Statements

Statements in this news release and the schedules hereto that are not purely historical facts or that necessarily depend upon future events, including statements about expected market share gains, forecasted financial performance or other statements about anticipations, beliefs, expectations, hopes, synergies, intentions or strategies for the future, may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, oral statements made by our directors, officers and employees to the investor and analyst communities, media representatives and others, depending upon their nature, may also constitute forward-looking statements. As with the forward-looking statements included in this release, these forward-looking statements are by nature inherently uncertain, and actual results may differ materially as a result of many factors. All forward-looking statements are based upon information available to Builders FirstSource, Inc. on the date this release was submitted. Builders FirstSource, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the recent novel coronavirus disease 2019 (also known as “COVID-19”) pandemic, the Company’s merger with BMC and other acquisitions, the Company’s growth strategies or the Company’s revenues and operating results being highly dependent on, among other things, the homebuilding industry, lumber prices and the economy. Builders FirstSource, Inc. may not succeed in addressing these and other risks. Further information regarding factors that could affect our financial and other results can be found in the risk factors section of Builders FirstSource, Inc.’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and in the other reports filed by the Company with the SEC. Consequently, all forward-looking statements in this release are qualified by the factors, risks and uncertainties contained therein.

Investor Contact

Michael Neese
SVP, Investor Relations
Builders FirstSource, Inc.
(214) 765-3804

Media Contact

ICR for Builders FirstSource
[email protected]



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Sonder Holdings Inc. to Expand Middle East Presence with Two New High-Rise Towers in Downtown Dubai

Sonder Holdings Inc. to Expand Middle East Presence with Two New High-Rise Towers in Downtown Dubai

SAN FRANCISCO–(BUSINESS WIRE)–
Sonder Holdings Inc. (“Sonder”), a leading next-generation hospitality company that is redefining the guest experience through technology and design, will add two additional buildings to its growing portfolio in Dubai, United Arab Emirates. Through an agreement with Al Fattan Properties LLC, Sonder will manage and operate two of the three Al Fattan Towers in Downtown, with views on Burj Khalifa, to be operated as Sonder Downtown Towers.

Comprising spacious two- and three-bedroom apartments, ranging between 1,900 and 2,400 square feet, these towers add over 300 units to Sonder’s existing portfolio of operations in Dubai. The company currently manages and operates JBR Suites, a 164-unit property in Jumeirah Beach Residence (JBR) which has been open to guests for over a year. Sonder is also exploring additional expansion into the Palm Jumeirah, Dubai Marina, La Mer, City Walk and DIFC areas of Dubai.

“We’re pleased to continue to partner with Sonder, whose innovative and guest-centric approach to hospitality addresses the preferences of the modern, urban, family and business travelers that frequents Dubai,” said Soby Joseph, executive director of Al Fattan Properties LLC. “Sonder is a well-capitalized operator that provides peace of mind and fixed income for real estate assets. They continue to be one of our preferred partners for developments in Dubai.”

“We remain bullish on expansion in Dubai as it is one of the most visited cities in the world, renowned for its beautiful design and architecture and is a global real estate hub. These are all attributes that fit perfectly with the Sonder brand and mission and we plan to continue developing Sonder’s footprint in the region,” said Martin Picard, Global Head of Real Estate for Sonder. “We’ve seen very strong performance from our inaugural Dubai property, JBR Suites. We are extremely pleased to be partnering again with Al Fattan to take on operations of what will be Sonder’s fourth largest signing in terms of units.

In order to support the company’s expansion in the region, Sonder also recently appointed Rishad Poonawalla to the newly-created role of director of real estate in Dubai. Rishad brings over 15 years of global real estate and hospitality development and acquisition experience to Sonder, with time previously spent in Dubai with the Jumeirah Group, Whitbread Plc (Premier Inn Hotels), as well as Ernst & Young’s Transaction Real Estate & Hospitality practice.

Headquartered in San Francisco, Sonder is present in 35+ cities in nine countries, with approximately 15,000 live and contracted units worldwide. The company partners with real estate owners and landlords to lease hotel and apartment buildings and design, manage and operate them. Sonder distinguishes itself in the hospitality industry through forward thinking design and by infusing technology into its guest experience. This tech-enabled experience puts guests in full control of their stay. They can access everything they need – from booking, to interacting with guest services, to check-out – via their own mobile device from anywhere and at any time, using the Sonder app.

All Sonder spaces in Dubai are equipped with a full in-unit kitchen and balcony, as well as access to a fully-equipped gym, large pool and laundry services. The Sonder Downtown Towers are slated to open to guests later this year.

This announcement follows the recent news of Sonder’s plans to be publicly listed through a business combination with Gores Metropoulos II (Nasdaq: GMIIU, GMII and GMIIW).

To explore Sonder real estate partnership opportunities, please contact [email protected].

About Sonder

Sonder is revolutionizing hospitality through innovative, tech-powered service and inspiring, thoughtfully designed accommodations combined into one seamlessly managed experience. Officially launched in 2014 and headquartered in San Francisco, Sonder is making a world of better stays open to all with a variety of accommodation options — from rooms to suites and apartments — found in 35+ cities spanning nine countries and three continents. Sonder’s innovative app empowers guests by making self-service features and 24/7 on-the-ground support just a tap away. From simple self check-in to boutique bathroom amenities, we bring the best of a hotel without any of the formality.

To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. Download the Sonder app on Apple or Google Play.

Additional Information and Where to Find It

Additional information about the proposed business combination between Sonder and Gores Metropoulos II, Inc. (“GMII”), including a copy of the Merger Agreement provided in a Current Report on Form 8-K filed by GMII with the SEC on April 30, 2021, and a copy of an updated investor presentation provided in a Current Report on Form 8-K filed by GMII with the SEC on July 7, 2021, is available at www.sec.gov. In connection with the proposed business combination, GMII has filed a registration statement on Form S-4 (the “Registration Statement”) that includes a preliminary proxy statement, prospectus and consent solicitation statement with respect to GMII’s securities to be issued in connection with the proposed business combination. The Registration Statement is not yet effective. The Registration Statement, including the proxy statement/prospectus/consent solicitation statement contained therein, when it is declared effective by the SEC, will contain important information about the proposed business combination and the other matters to be voted upon at a meeting of GMII’s stockholders to be held to approve the proposed business combination and other matters (the “Special Meeting”) and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. GMII may also file other documents regarding the proposed business combination with the SEC. GMII stockholders and other interested persons are advised to read, when available, the Registration Statement and the proxy statement/prospectus/consent solicitation statement, as well as any amendments or supplements thereto, because they will contain important information about the proposed business combination.

When available, the definitive proxy statement/prospectus/consent solicitation statement will be mailed to GMII stockholders as of a record date to be established for voting on the proposed business combination and the other matters to be voted upon at the Special Meeting. GMII investors and securityholders will also be able to obtain copies of the definitive proxy statement/prospectus/ consent solicitation statement, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: 6260 Lookout Road, Boulder, CO 80301, attention: Jennifer Kwon Chou, or by contacting Morrow Sodali LLC, GMII’s proxy solicitor, for help, toll-free at (800) 662-5200 (banks and brokers can call collect at (203) 658-9400).

Participants in Solicitation

GMII, Sonder and their respective directors and officers may be deemed participants in the solicitation of proxies of GMII stockholders in connection with the proposed business combination. GMII stockholders and other interested persons may obtain, without charge, more detailed information regarding the interests of those persons and other persons who may be deemed participants in the proposed business combination by reading GMII’s registration statement on Form S-1 (File No. 333-251663), which was declared effective by the SEC on January 19, 2021, and the proxy statement/prospectus/consent solicitation statement regarding the proposed business combination.

You may obtain free copies of these documents as described in the preceding paragraph.

Forward-Looking Statements

This press release contains a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements about Sonder’s forecasted revenue growth (including Sonder’s outlook for Total Revenue and Adjusted EBITDA for the year ended December 31, 2021), Sonder’s growth in total unit portfolio (including Sonder’s forecast for growth in Total Portfolio for the year ended December 31, 2021), information concerning GMII’s or Sonder’s possible or assumed future financial or operating results and metrics, business strategies, debt levels, competitive position, industry environment, potential growth opportunities, future operations, products and services, planned openings, expected unit contractings and the effects of regulation, including whether the proposed business combination will generate returns for stockholders. These forward-looking statements are based on GMII’s or Sonder’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside GMII’s or Sonder’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement and the proposed business combination contemplated thereby; (b) the inability to complete the proposed business combination due to the failure to obtain approval of the stockholders of GMII or other conditions to closing in the Merger Agreement; (c) the ability to meet Nasdaq’s listing standards following the consummation of the proposed business combination; (d) the inability to complete the PIPE; (e) the risk that the proposed business combination disrupts current plans and operations of Sonder or its subsidiaries as a result of the announcement and consummation of the transactions described herein; (f) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (g) costs related to the proposed business combination; (h) changes in applicable laws or regulations, including legal or regulatory developments (such as the SEC’s statement on accounting and reporting considerations for warrants in special purpose acquisition companies); (i) the possibility that Sonder may be adversely affected by other economic, business and/or competitive factors; (j) risks related to the impact of the COVID-19 pandemic, including the Delta variant and potential governmental and other restrictions (including travel restrictions) resulting therefrom; and (k) other risks and uncertainties described in the final proxy statement/prospectus/consent solicitation statement, including those under the heading “Risk Factors” therein, and other documents filed by GMII from time to time with the SEC. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, neither GMII nor Sonder undertakes any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this release. Additional risks and uncertainties are identified and discussed in GMII’s reports filed and to be filed with the SEC and available at the SEC’s website at www.sec.gov.

No Offer or Solicitation

This communication relates to a proposed business combination between GMII and Sonder. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Kate Cory

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Residential Building & Real Estate Lodging Commercial Building & Real Estate Construction & Property Travel

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Molina Healthcare Awarded Nevada Medicaid Contract

Molina Healthcare Awarded Nevada Medicaid Contract

LAS VEGAS–(BUSINESS WIRE)–
Molina Healthcare, Inc. (NYSE: MOH) (“Molina”) today announced its Nevada health plan subsidiary was awarded a Medicaid managed care contract from the Nevada Department of Health and Human Services – Division of Health Care Financing and Policy (“DHCFP”).

The new four-year Medicaid contract, with a potential two-year extension, will commence on January 1, 2022. Molina’s Nevada health plan is one of four Managed Care Organizations offering health care coverage to approximately 630,000 Medicaid beneficiaries in Clark County (Las Vegas area) and Washoe County (Reno area) through the TANF, CHIP, and Medicaid Expansion programs. Molina will also participate in the state-based Affordable Care Act Exchange.

“We are honored that Nevada has awarded Molina the opportunity to serve the state’s most vulnerable citizens,” said Joe Zubretsky, president and chief executive officer of Molina Healthcare. “Molina looks forward to advancing the state’s goals of improving care management, member access, and overall health equity for its Medicaid members.”

About Molina Healthcare

Molina Healthcare, Inc., a FORTUNE 500 company, provides managed healthcare services under the Medicaid and Medicare programs and through the state insurance marketplaces. Through its locally operated health plans, Molina Healthcare served approximately 4.7 million members as of June 30, 2021. For more information about Molina Healthcare, please visit molinahealthcare.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release contains “forward-looking statements” regarding the provisional award of a Medicaid managed care contract to Molina’s Nevada health plan by Nevada DHCFP. All forward-looking statements are based on the Company’s current expectations that are subject to numerous risks and uncertainties that could cause actual results to differ materially. Such risks include, without limitation, the failure to receive approval by the Nevada State Board of Examiners, changes incidental to a successful protest or legal action, a delay in the start date for the contract, or other supervening action by Nevada or a court. Given these risks and uncertainties, Molina cannot give assurances that its forward-looking statements will prove to be accurate. All forward-looking statements in this release represent the Company’s judgment as of the date hereof, and it disclaims any obligation to update any forward‑looking statements to conform the statement to changes in its expectations that occur after the date of this release.

Investor Contact: Ronald Kurtz, [email protected],562-912-6820

Media Contact: Caroline Zubieta, [email protected], 562-951-1588

KEYWORDS: United States North America Nevada

INDUSTRY KEYWORDS: Professional Services Health Hospitals Insurance Practice Management Managed Care

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